International Renewable Energy Agency Warns Caribbean is Facing Mounting Pressures to Deal With Climate Change
BRIDGETOWN, Barbados – The head of the International Renewable Energy Agency (IRENA), Francesco La Camera Tuesday warned that that Small Island Developing States (SIDS), including those in the Caribbean, are confronted with a “pressing race” against climate change.
IRENA Director General, Francesco La Camera, addressing high level energy conference in Barbados (CMC Photo)Addressing the opening of a three-day high level international energy conference, the IRENA Director General, said that the problems are not new and have been highlighted in the latest Intergovernmental Panel on Climate Change (IPCC) report.
“The world is off track and this reality follows a disproportionate threat to the lives and livelihood of the most vulnerable. It is the global responsibility to secure the reliable and sustainable future for SIDS by significantly accelerating the pace and scale of the transition during this decade.
“The Caribbean region has long been an example of how innovation, novel approaches and partnerships can drive renewable energy deployment,” he said,. noting that deployment in Caribbean SIDS has increased to an estimated five gigawatts in 2021.
“However, to strengthen this momentum we must ensure greater access to financing, technology and capacity support,” he told the delegates to the conference that is geared towards promoting “an environment, conducive to energy transition investments, and the facilitation of access to affordable and appropriate forms of finance for the implementation of energy transition projects in the Caribbean small island developing states”.
The conference, which is being organised by the Barbados government and facilitated by IRENA through the SIDS Lighthouse initiative, under the theme “Caribbean Cooperation for Fostering Energy Transition Investments and Finance”.
It is being held in partnership with the Caribbean Climate-Smart Accelerator, the Caribbean Development Bank (CDB), the Caribbean Centre for Renewable Energy and Energy Efficiency and has brought together regional government ministers, policymakers, regulators, the private sector, project developers and international financing partners.
La Camera said the IRENA’s recent report on the global landscape of renewable finances shows that 85 percent of investments in renewables benefit only 50 percent of the global population.
He said developing markets continue to receive “little investments and I think you all agree with me this reality must change”.
He said the Alliance for Small island Developing States, SIDS would require more than US$150 billion “to achieve the renewable energy targets” but that investments of this scale is hindered by a number of factors including fiscal constraints due to the impact of the coronavirus (COVID-19) pandemic and natural disasters.
“We must address these barriers by securing financing in affordable terms and simplify access to requirements to climate finance. Easier access to climate finance, developing …finance initiatives, risk mitigation strategy would help mobilize substantial climate investment in renewable energy.”
La Camera said IRENA is forging ahead with determination and that its various platforms “aim to address this challenge,” adding “we have already received pledges” that could finance up to 1.5 gigawatts of renewable energy across the globe.
“Our intent is clear. Finance SIDS capability to develop bankable proposals, facilitating efficient financing for project developers and support investors,” he said, adding “as we look towards COP 28 and beyond IRENA stands resolute in its commitment to working with the Caribbean SIDS and partners to deliver transformative solutions.
“Together we can empower the region to fight the climate crisis bolster economic growth, sustainable development and secure a better future for its citizens,” he added.
